Gold loses Rs 175, silver sheds Rs 400

New Delhi, Aug 30: Both

and

declined in the bullion market here today on emergence of profit-selling at prevailing higher levels amid a weak trend in the global markets.

While gold fell by Rs 175 to Rs 31,175 per 10 grams, silver moved down by Rs 400 to Rs 57,600 per kg. Silver coins tumbled by Rs 2,000 to Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.

Traders said profit-selling by stockists at existing higher levels amid a weak trend in New York, where gold lost USD 10.50 to USD 1,656.10 an ounce and silver fell by 0.55 per cent to USD 30.73 an ounce, pulled down precious metals'.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 175 each to Rs 31,175 and Rs 30,975 per 10 grams, respectively.

The metal had gained Rs 50 yesterday. Sovereign remained steady at Rs 24,750 per piece of eight grams in scattered deals.

In line with a general weakening trend, silver ready dropped by Rs 400 to Rs 57,600 per kg and weekly-based delivery by Rs 250 to Rs 57,450 per kg.

PTI